A life insurance policy can lower or eliminate the financial risks faced by a family if the breadwinner dies prematurely. The life insurance company will make a payout to the surviving family members according to the terms specified in the insurance contract.
BENEFITS OF LIFE INSURANCE
There are many types of life insurance policies offered in Canada. You should consider getting a life insurance policy in the following circumstances:
- You wish to secure your child’s future
- You want to have savings invested for your retirement
- You want your family to be protected if you die prematurely
- You own a home with a mortgage.
- A mortgage life insurance policy will pay the remaining mortgage amount if the owner dies before the mortgage is paid off
There are different types of life insurance plans available. Most of the policies offered in Canada are either term life policies or permanent life insurance policies.
A term life policy is renewed each year and it offers your family a payout if you die within that year. There is no savings feature built into a term life policy.
A permanent life insurance policy contains a mix of insurance that is paid to your family if you die prematurely and a savings component that builds up the longer you hold the policy. Gold Key Insurance offers policies from many of the top insurance companies in Canada.
Call us for a no obligation, free quote or complete a quick online form to get the process started.